Calculation of commission of a partnership firm
Querist : Anonymous
A Partnership Firm have entitled a Commission on Book Profit @ 90% of First Rs. 75000/- or 100% of First Rs.50000/- whichever is more, 60% of the next Rs.75000/- and 40% of the Balance Book Profit " as per agreement made by the Partners.
Ratio of Shares are 70% & 30% accordingly.
The Firm having a Book Profit of Rs. 2,85,316/- during the year before the Partners Commission .
Would you please advice , how can we calculate the Partners Commission?
Its very much help us for accounting the same ? Waiting for your valued reply
Regards
Expert : Anonymous
Querist : Anonymous
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